Course Description

International Financial Reporting Standards (IFRS) is a set of global standards for the preparation of public company financial statements. These accounting standards are developed by the International Accounting Standards Board (IASB). The objective behind the reforming move in the finance sector is to bring uniformity in the business standards so that a business can present its financial statements on the same basis as its foreign counterparts.

It is a good sign that India is among those 100 countries which are moving towards IFRS (International Financial Reporting standards) convergence with a view to bringing about uniformity in reporting systems globally, enabling businesses, finances and funds to access more opportunities as ICAI had decided to implement IFRS in India. The Ministry of Corporate Affairs has also announced its commitment to convergence to IFRS.

IAS 20, Accounting for government grants and disclosure of government assistance

IAS 2, Inventories

IFRS 16, Leases

IFRS 5, Non-current assets held for sale and discontinued operations

5.Accounting for assets and liabilities - part 2

IFRS 13, Fair Value Measurement

IFRS 32, Financial instruments - presentation

IFRS 9, Financial instruments

IFRS 7, Financial instruments: disclosures

IFRS 2, Share-based payment

IAS 37, Provisions, contingent liabilities and contingent assets

IAS 10, Events after the reporting period

IAS 19, Employee benefits

IAS 12, Income taxes

IAS 41, Agriculture

IFRS 6, Exploration for and evaluation of mineral resources.

6.Group accounting

IFRS 10, Consolidated Financial Statements

IAS 27 (revised 2011), Separate financial statements

IFRS 3, Business Combinations

IAS 28 (revised 2011), Investments in associates and joint ventures

IFRS 11, Joint arrangements

IFRS 12, Disclosure of interests in other entities

IAS 21, The effects of changes in foreign exchange rates

IAS 29, Financial reporting in hyperinflationary economies.

7.Disclosure standards

IAS 7, Statement of cash flows

IAS 24, Related party disclosures

IAS 33, Earnings per share

IAS 34, Interim financial reporting

IFRS 4, Insurance contracts

IFRS 1, First time adoption of IFRS

IFRS 8, Operating segments.

8.Principal differences between UK/US GAAP and IFRS

9.Proposals for change

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Key Deliverables

E-learning content

24 hours of High-Quality E-Learning content

Study Text

Practice & Revision Kit

Solved Sample Papers booklet

Mock test

Trainer support through e mails

Facility to take online exam any time after completion of the training.

Certification for candidates scoring more than 50% marks in the exam.

About Hard Copy Study Material

Practice & Revision Kit: More than 300 pages book imported from the United Kingdom, banks of practical questions and answers focused on each area of the syllabus, two full mock exams with answers and guidance, Platinum status ACCA books

Business affairs cannot be managed without qualified accountants who are called as Certified Public Accountants (CPA) in many countries. The American Institute of CPAs i.e. AICPA offers IFRS certification programs to prepare accountants for the globalized business world. The IFRS is a set of global standards which evolved under the aegis of International Accounting Standards Board (IASB). They have been designed to promote a global grammar for writing and maintaining company accounts that can be understood anywhere in the world.

The United States based Generally Accepted Accounting Principles (GAAP) differs from IFRS in a fundamental manner. IFRS is based on principles while GAAP is rule-based. In GAAP, written down inventories cannot be reversed while in IFRS reversal under specific criteria is allowed. GAAP research is based primarily on literature while IFRS relies more on a thorough review of pattern-based facts. IFRS and GAAP also differ in their treatment of intangible assets and inventory costs.

The IFRS certification course is available for qualified accounting professionals with or without active practice. Professional accounts with CA and CPA can enroll and complete the curriculum for their certificates. Other accountancy practitioners can also enroll provided they have undergraduate accountancy degrees and relevant work experience at a fundamental level. Those with CA and CPA qualifications, but are presently inactive can also apply for this course.

The applicants who successfully enroll for the course will have to complete the program within a period of 1 year or 12 months. The duration depends on the capabilities of the aspirant and the time he or she is willing to invest in completing the course work. The course can be completed if the candidates are enthusiastic and willing to commit between 40 to 60 hours approximately.

The IFRS has global implications and many countries have responded positively for implementation of IFRS in financial statements. The European Union, India, Chile, Brazil, Australia, GCC countries, etc., have either adopted or they are transitioning into IFRS. USA does not use IFRS but relies on its own GAAP while the Russian GAAP has started converging to IFRS.

Vskills Government Certifications is the largest skills Certification body in India. Certifications are awarded by ICSIL, a Government PSU under Ministry of Telecommunications and IT, Government of India. ICSIL is a Joint Venture of DSIIDC, A Govt of NCT Delhi Company and TCIL, a Govt of India PSU.

Vskills is a testing and certification programme focused on prior learning. The Certifications are valued by industry experts and serve as recognition of prior learning, and evaluates learning acquired outside the classroom like through work experience and elearning.

Standardized exams are conducted throughout the nation at proctored centres and certificates are awarded to appearing candidates who score above a certain percentage in the exam.